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Jeffrey Gundlach: You Need It, We Print It

DoubleLine CEO-CIO Jeffrey Gundlach delivers a wide-ranging macro and market assessment framed around the theme “You need it, we print it,” highlighting a structural shift toward persistent fiscal deficits, expanding balance-sheet activity and rising long-term debt-servicing burdens. Drawing on historical deficit cycles, Mr. Gundlach illustrates how the U.S. has entered a “debt trap,” where incremental borrowing generates diminishing economic output and pushes interest expense sharply higher. He also reviews signals from U.S. Treasury curves, labor-market dynamics, consumer sentiment divergence and real inflation indicators. Mr. Gundlach’s market commentary examines the structural steepening of the U.S. Treasury yield curve and an unusual global alignment of 30-year yields across developed markets. He also highlights how heavy reliance on T-bill issuance, weakening dollar momentum and tightening spreads across emerging markets are shaping return prospects across fixed income. In addition, Mr. Gundlach dissects the rapid expansion of private credit and private markets broadly, warning that unregulated growth, inconsistent pricing and rising dispersion across credits echo late-cycle risk conditions. Beneath the surface, he notes emerging stress signals in select corporate issuers, widening idiosyncratic spreads and cracks forming under the weight of AI-driven capital expenditures.